Mar 5 2011
Jayden Resources Inc. (TSX:JDN) has announced that it has filed an updated NI 43-101 technical report in regards to the Company's Silver Coin project.
The Report was prepared by Minarco-Mine Consult ("Minarco"). The Silver Coin Project is located near the town of Stewart, British Columbia. The Report includes an updated resource estimate incorporating the assay results of eighteen holes that the Company drilled during the fall of 2010 which had not previously been reported or included in resource estimates. This updated resource estimate represents an overall increase in the average gold grade of 10.9% and an 11.1% increase in the number of resource ounces previously reported, from 191,300 measured oz, 644,300 indicated oz and 655,200 inferred oz, to 218,410 measured oz, 624,006 indicated oz and 813,273 inferred oz. The updated resource estimate incorporates a total of 732 drill holes (88,645 meters) plus 76 trenches (1,447 meters). The Silver Coin project includes 26 contiguous claims with a net area of 1247 ha and is a joint venture with Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) (Jayden 70% with an option to earn an additional 10%).
Resource Estimate
Using a base case cut-off grade of 0.3 grams gold per ton ("gpt") the Report identifies the following gold, silver and zinc resource:
At the 0.3 gpt cut-off grade the estimated Measured and Indicated resource is 24.13 million tons grading 1.08 gpt gold for a total of 842,416 ounces of gold, 4.45 million ounces of silver and 91.17 million pounds of zinc. The estimated Inferred resources comprise an additional 813,273 ounces of gold, 6.69 million ounces of silver, and 128 million lbs of zinc.
The resource remains open along strike to the north and south. The two southernmost holes from the 2010 drilling, both located within 150m of the currently modeled southern pit boundary, intersected excellent intervals of gold mineralization including 55m grading 8.42 gpt gold in hole SC10-311 as reported in the Company's news release of October 14, 2010. Readers are advised to access the Report for detailed technical information.
Work Plan
The Company plans to conduct a major in-fill drilling program at Silver Coin during the 2011 exploration season with the primary goals of upgrading the inferred resource to the indicated or measured categories. Such activities will both support completion of a prefeasibility study and potentially increase the size and grade of the resource. Based on, and subject to the success of the proposed 2011 program, the Company is planning to produce a prefeasibility study by the first quarter of 2012. The Company is also planning on undertaking several of the recommendations contained in the Report including geotechnical drilling, continued baseline environmental studies, waste rock studies to determine if the waste is potentially acid forming, complete the site-based studies to support a prefeasibility study and metallurgical testing to include comminution tests, locked cycle tests, optimization of the flow sheet, zinc recovery testing and additional testing to optimize the cyanide recovery from concentrate. The Company also plans to initiate groundwater hydrology and chemistry testing in existing and new wells on the property.
Bob Felder, President of Jayden comments that "we are extremely optimistic as to the future of the Silver Coin project based on the 2010 drilling, which yielded a meaningful increase in the resource size and grade with only 18 holes. These results reflect the effort of our technical team and support our belief that the Silver Coin deposit represents a strong and growing asset. Jayden is planning a much more aggressive program for this season with the goal of continuing to increase the proportion of measured and indicated ounces in the deposit".
Source: Jayden Resources Inc.